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We refer to our announcement on behalf of Telekom Malaysia on 13 December 2002 and set out below the statement of the Company on the above subject matter:

“Kuala Lumpur, December 16, 2002 – Telekom Malaysia Berhad (“Telekom Malaysia”) wishes to announce that it was not selected as the winning bidder in the proposed sale of a 41.94% stake in P. T. Indonesian Satellite Corporation Tbk (“Indosat”) by the Government of the Republic of Indonesia.

Dato’ Dr. Md. Khir Abdul Rahman, Chief Executive of Telekom Malaysia, said:

“Telekom Malaysia would like to thank the Government of the Republic of Indonesia for giving us the opportunity to participate in the bidding process. We delivered the best bid possible, in consideration of the interests of our shareholders. It is regrettable that we were not successful in the bid, as we believe that a partnership with Indosat presented significant potential opportunities.”

Telekom Malaysia will continue with its long-term strategy of creating shareholder value through the acquisition of selected overseas investments with strong growth prospects, with particular focus on markets closer to Malaysia.”


This announcement is dated 16 December 2002.